Nutritional supplements company Vitaco debuted on the ASX yesterday, and has predicted the surging demand from China for its products will continue.
Their shares opened at $2.50 and finished at $2.38, following an IPO issue price of $2.10. Its brands include Aussie Bodies, Nutra-Life, Healtheries and Musashi.
CEO Ryan d’Almeida said underlying Australian and New Zealand business continued to expand, and the Chinese market was growing robustly. It is now between eight and ten per cent of demand, from practically nothing a year ago.
The company is in the final stages of setting up a Chinese office, reports The Australian Financial Review.
It is based in Australia and manufactures in NZ.
"There's clearly a large population in China, with a strong preference for western brands," AAP reports d'Almeida as saying.
"In terms of food brands, they particularly like food products coming out of this part of the world – they trust them."
The AFR notes that Chinese demand for Australian and NZ-made health products has also seen Blackmores’ share prices quintuple over 12 months, hitting $132.99 yesterday.